NZD/JPY dived lower this week as risk aversion dominated the markets. It is now extending the fall from 87.33 top towards 100% projection of 87.33 to 83.28 from 84.81 at 80.76. Such decline is currently still seen as a correction only. Hence, strong support is expected from 80.76 to contain downside to bring rebound. But break of 84.81 resistance is still needed to confirm completion of the fall, otherwise, risk will stay on the downside.
Similarly, AUD/JPY is also extending the fall from 95.73 and should target 100% projection of 95.73 to 90.41 from 94.00 at 88.68. Strong support is expected from this level to complete the correction. But break of 94.00 resistance is needed to confirmation completion of the correction, or risk will stay on the downside. too.
